New stage in the European debt crisis, and new Franco-German opposition. While European banks are under attack by the markets, in turn infected by the debt crisis, the solutions to help them divide France and Germany. To resolve this dispute, the German Chancellor Angela Merkel in Berlin on Sunday invited French President Nicolas Sarkozy.
Paris wants the relief mechanism of the European Union, the European Financial Stability (EFSF) to recapitalize banks. Powered by the 17 countries of the euro area (except those receiving assistance such as Greece, Portugal and Ireland), the EFSF will see its powers expanded by the end of October.
According to Handelsblatt, Paris calls for the widest possible interpretation of the new European instruments: the buyback of indebted countries, designed to calm the markets, and the granting of funds to states to recapitalize banks. The German government, whose latitude is narrower because of the great power of Parliament, fiercely opposed to this "laissez-faire," according to the German newspaper. First contributor to EFSF, Germany would find itself more to the de facto finance a large part of the recapitalization of French banks …
Roles reversed
For this new act of the debt crisis, the roles are reversed this time. France has always, until now, prompted Germany to act. But now, if Paris believes that the recapitalization of banks is not a priority, we think differently in Berlin paydayloans.Thursday, Angela Merkel has stated that it "should not hesitate" to bail out institutions. However, she said, public support should be used rarely if institutions fail to build on their own, for example by increasing their capital. The European Central Bank has sent the same message.
France, it has recognized the need to help the sector than lip service in recent days. "It will take more capital for banks," says one source close to the now government. It's the only concession made by France: it will take ultimately recapitalize institutions, not because they need is to restore investor confidence.French banks are most exposed in Europe to default risk in Greece or Italy.
Pre-aid to Greece
In this context, urges Germany, a strengthening of European banks is a preliminary step to a new rescue Greece, which should go through a deep discount debt securities of the country (advocated by Berlin). Clearly, the eurozone banks should agree to relieve Athens by abandoning much of their claims. Result, they should wipe heavy losses. Not to sink the stock market, they can not solve it without having increased their capital.
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Wall Street earnings increases, on Thursday. After opening slightly higher, U.S. financial markets concluded the session by increases above 1% for the third consecutive time. The Dow Jones took 1.68% to 11,123.33 points, the Nasdaq rose 1.88% to 2506.82 points and the S & P 500 gained 1.83% to 1164.97 points.
After weeks of dithering, European leaders have taken in hand to avoid a collapse of the banking sector, weakened by the debt crisis, which brought down the French-Belgian group Dexia.The markets were also reassured by the publication of macroeconomic indicators in the U.S. exceeded expectations: job creation in the private sector and the ISM services.
On Thursday, the European Central Bank (ECB) announced on Thursday to maintain its 1.50% interest rate, reference the cost of credit in the euro zone, despite the sharp deterioration in the economic and financial crisis.
Meanwhile official figures of employment for the month of September in the United States to be published Friday, new jobless claims are slightly lift the United States during the last week of September, according to figures released Thursday in Washington by the Department of Labor.The Ministry has identified the deposit of 401,000 applications for unemployment benefits in the country from September 25 to October 1, adjusted for seasonal variations, or 1.5% over the previous week, which is consistent with the estimate of analysts.
On the foreign exchange market, the euro reached 1.3435 dollars (0.65%). On the New York Mercantile Exchange, a barrel of "light sweet crude" for November delivery ended at 82 personal loans for bad credit.59 dollars, up 2.91 dollars compared to the previous day.
Apple has resisted despite the death of Steve Jobs
As for values, investors will have their eyes on the technology sector.
• Apple (-0.23% to 377.37 dollars) will remain particularly observed after the announcement of the demise of the group's founder Steve Jobs.
• Yahoo (-1.70% to 15.65 dollars) is the subject of new rumors of a possible bid from U.S. computer giant Microsoft, which had already in 2008 attempted to seize the group's internet America.
• Hewlett-Packard (4.99% to 25.05 dollars) should not make further major acquisitions in the software after the acquisition of Autonomy, according to statement from the group's new boss Meg Whitman cited by Reuters.
• Boeing (2.54% to 61.48 dollars) has received an order for $ 1.1 billion from Ethiopian Airlines for four Boeing 777 freighters.
• Gilead Sciences (1.28% to 39.65 dollars) has obtained a license agreement Boehringer Ingelheim for the exclusive rights to research, development and commercialization of an anti-integrase for the treatment of HIV.
• Marriott International (2.13% to 28.78 dollars) issued for the third quarter, earnings per share of $ 0.29, up 32% year on year. Turnover was 2.9 billion dollars against 2.6 billion last year. The revenue per available room key indicator in the hotel sector grew by 8.7% on a comparable basis, while prices rose by 5.3%.
The conditions of access to work in France harden for foreigners. The government on Friday, via a decree in the Official Journal, the new list of professions "in tension" open to foreigners. Co-signed by the Ministries of Labour and Interior, the list was reduced to fourteen families of occupations accessible to non-EU nationals against thirty previously.
The list, created in January 2008, was to open the French labor market to foreigners to fill staff shortages in certain sectors. Today, more than half of these jobs are no longer considered "in tension". In other words, it is not as difficult to find candidates for these jobs on the labor market hexagonal.
The new list excludes primarily the building trades and public works (BTP) and information technology.Go, among others, site managers and foremen as well as computer experts or study. The order, however, still mentions the need to appeal to foreign labor in the manufacture of wooden furniture and glass processing. The trades of carpentry will indeed take advantage of this opportunity in terms of recruitment, because the shortage of skilled labor is still very important. The e-consultancy and telesales, especially shunned by job seekers French, are also turned outward. Even if the division by two of this list is intended to reduce labor migration, it is not the only means of obtaining a work permit in France. Agreements exist with countries outside the European Union.The United States, Canada, Morocco, Tunisia or Senegal, are seeing their nationals allowed to apply for hundreds of jobs in France.
Train job seekers
Trade unions and the opposition reacted strongly to its publication on Friday. They keep in memory the promises made last April by Xavier Bertrand, who said he wanted to "train job seekers for these positions" in order to respond to high unemployment. Shortly before the publication of the order, the PS national secretary for Employment, Alain Vidal, had pressed the point home. This measure is "the straw target of legal immigration to forget the ocean of mass unemployment."He said that "legal immigration is now only 20,000 people a year, while France has 4 million people registered at employment center," The CGT and CFDT, in turn, complain of not having been integrated in the development of the list and a simple return them by mail has been requested. Raymond Chauveau, coordinator of the CGT, is too restrictive and it is estimated that the state will not provide effective response to unemployment. "Despite the crisis, jobs in the construction industry have not diminished," he says before stating that legal immigration is necessary both in the labor market than to contain illegal immigration.Although it is not against to train job seekers to fill vacancies, he believes that "in some areas, working conditions are too hard and the wages too low to the French there engage. "
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Annick Goutal perfumes changes hands. Korean cosmetics group Amore Pacific, which owns the Lolita Lempicka fragrance and cosmetics Laneige, acquired the French brand to the U.S. fund Starwood Capital. The latter had acquired in 2005 by taking control of several jewels of the Taittinger family group: hotels Crillon and Lutetia or Baccarat crystal.
Goutal perfumes, bought by Taittinger in 1985 and still led by Brigitte Taittinger, had been founded by Annick Goutal in 1981. The brand has stores in France, Belgium, UK and Canada, but mainly distribution agreements with 1300 stores in twenty countries. Amore Pacific sees growth potential in Asia.
The McDonald's Happy Meal in the colors of the Smurfs on the Old Continent, the trendy water bar and the shop window Colette invaded by little blue men, a video game from Ubisoft for PlayStation, an iPhone application that exceeded 13 million downloads …
With the worldwide release of the film, the Smurfs are back in derivatives. A comeback orchestrated by IMPS, the company founded in 1984 by Belgian cartoonist Peyo's daughter, to manage the license. "We realized that the reputation of the Smurfs were huge but mainly used in Europe and often linked to the world of children, says William Auriol, managing director of IMPS, hired in 2009 for the film.We wanted to brand credibility on all age groups working on areas hitherto unusual for us. "
Hundreds of contracts have been established last year in 80 countries, the United States to Brazil via Malaysia and South Africa.In China, the Smurfs, who played the mascot for Expo Shanghai, allowed the Belgian pavilion to break records.
Candy, CDs, figurines …
Among these contracts, an advertising campaign on the environment in Spain of Volkswagen, the promotion of South Korea LG smartphones, dressing in South America credit card bank BBVA … "The film gives a very nice visibility to the license and can develop many partnerships, but the Smurfs have a life outside the film, "says Jerome Ollagnier, Brand Director at The Licensing Company, which manages the rights in France bad credit payday loans.
The 272 episodes of the cartoon aired non-stop for twenty years, have sat success. In fifteen years, sales of products reached $ 8 billion. 6 billion of Haribo sweets sold 40 million CDs, 500 million figurines, Kinder Surprise 50 million per year.Besides contracts with H & M, Zara and Sisley to attract the greatest. Only a third of sales of IMPS is made outside Europe. "The growth potential of the brand is huge, said William Auriol, who took the opportunity to increase its royalties. We are 15-20% of the way. "
The reasons for success? "These little blue, appeared in Spirou magazine in 1958, have become popular heroes beyond the comic, said Jerome Ollagnier. With a different name in each country (the Smurfs, i Puffi …), everyone can relate to men and women, children and adults. "
In France, large areas are still like the Smurfs characters dusty. This will not prevent the little blue men to settle in linear packs of sausages Knack or croque-monsieur Herta (Nestlé). Lint and Jemini dishes will also be sold in November."We have all the parameters for a commercial success," enthuses Thierry Bertoux, CEO of Jemini, who would see the Smurfs represent between 5% and 10% of its turnover in 2011.
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Since 2007, departments are put on a diet. The government spending should not grow faster than inflation. The regime is strict, the temptation is great to work around it. To do this, simply departments to offload some of the expenses of parastatals to apparently take their own goal. These organizations, called "operators" are not lacking: they are 584, and range from Météo-France CNRS through employment center or museum. Aware of the danger, the State has established safeguards. Since 2009, operators must reduce their workforce. He had to act because, in 2007 alone, the GSEs have created more jobs (13,989) that the State did deleted (11 244). In addition, operators are supposed to lower than 10% of their operating expenses from 2011 to 2013 and can no longer borrow.But Philippe Marini, the rapporteur of the UMP in the Senate budget, these measures are insufficient. He recommended capping the resources of the operators or similar bodies. Reason: when an agency receives a plethora of recipes, especially because the taxes that are given up, he spent wrongly through. He gives two examples: the National Film and Moving Image (CNC) and the National Center for Public Service (CNFPT).
• Cinema: hocus-pocus of the Ministry of Culture
This organization supports the film and audiovisual production. In 2011, he should see a tax revenue it collects, known Cosip increase by 38% to 583 million euros. What "incentive program to spending just as dynamic as the resources," the report said Marini.In fact, the 2011 budget provides for the CNC 30% increase in staff costs, investment and operating current and an increase around 10% of various subsidies. Even more perverse, the state took advantage of the sudden "boom" to transfer expenses to the TNC. Thus, 11 million grant awarded to the French Cinematheque, previously charged to the budget of Culture, have been taken over by the CNC. By hocus-pocus, the department may see a decline in spending! The CNC remind him that the collection of certain taxes was transferred and that "the institution has been given a board involving all ministries including Bercy," says one in CNC.However, all parties acknowledge that CNC has received revenues "significant" under the Contribution of telecom operators who echoed the total budget of 198 million additional CNC in 2010. So the idea of government is it today to "limit the profitability of this tax," for systems allowance and lower rates. What can continue the digitization of cinema, whether in rooms or in catalogs.
• The training center of territorial agents sitting on a pile of gold
This structure is responsible for training local officials. Its resources mainly come from local contributions, contributions set at 1% of payroll. The center has benefited, in turn, the surge in enrollment in the communes, departments and regions in recent years.This windfall – revenue grew from 240 million in 2002 to over 360 million in 2009 – has not led to a rigorous management. The CNFPT was pinned several times by the Court of Auditors, including in 2011: over-reliance on the same providers, 22% increase in personnel costs from 2004 to 2008 (with a premium increase of 40% over the past six years!) … "The CNFPT spent 67 million to acquire a seat in the middle of Paris," said Jean Arthuis, president of the centrist in the Senate Finance Committee. Despite these expenditures, the excess CNFPT was 33 million euros in 2009 and has a "treasure" of 327 million euros of equity. That is why MPs have decided to temporarily reduce its resources, by reducing the fee to 0.9% for two years.
"You have not made a kiss," he said to the blond who is in the arms of his assistant. In the small phalanx of the Rue de Babylone in Paris, where the General Commission for Investment, René Ricol has payday loans…
The report is severe. A little more than three years after the law on public service employment, followed by the opening to the public in January 2009 employment center of the merger Assedic and ANPE, the Economic, Social and Environmental (EESC) provides an uncompromising assessment of the first two years of employment center.
The Assembly shall consider in particular still "very inadequate" coaching job seekers. "This reform has not yet produced the expected results," says the draft opinion to be discussed Tuesday and Wednesday by all members of the EESC."The mission of support for job seekers remains woefully inadequate and service companies could still be improved," says the document notes that the "small part" of jobs collected from businesses (around 17%).
But especially the draft opinion pins a system that "appears less effective" in Germany and the UK particularly in terms of re-employment of the unemployed. A number of commitments are not kept or displayed "inappropriate" as the period of four months between the registration of an applicant for employment center and the first follow-up interview monthly custom, the document said.
Unfinished
The authors acknowledge the context of "unfavorable" in which the work is reached "substantial" merger of ANPE and operational network of unemployment insurance, with the sharp deterioration in employment and a sharp rise in applicants .But they believe that the restructuring was "unprepared" and remains "incomplete." They also note that no impact has occurred prior to the reform, "designed as a potential source of savings" of management and, consequently, additional means for tracking job seekers. In fact, "the reorganization of networks" has even been "generating additional costs, including increased costs of operating real estate until 2015.
Limit the number of file per advisor
Among its 22 recommendations to "strengthen the public employment service", the notice calls for "significantly limit the size of the portfolio advisers of employment center" to further customize the service to applicants, to accentuate training provision and improve service for compensation.
For this, we must "increase the means of employment center," while "the disengagement of the state is undermining (its) fiscal autonomy" and "restoring governance, with more weight to the social partners. Users are not the only ones taken into account: the EESC also considers the difficulties caused by the reform for the personal employment center, including recommending to watch over the "psychosocial risk agents" and to reflect on the evolution of business.
(With AFP)
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Prudence, caution still, still cautious. While the transfer market opens its doors for the championship of France Ligue 1, the motto is clear: to sell before buying. French clubs will indeed seek first to reduce their payrolls, after a deficit posted more than 130 million euros in 2009-2010."Given that wages represent about 60% of the expenditure of clubs, it is logical that they are the first adjustment variable to try to maintain a balanced budget," says Bastien Drut, an economist and author of book Economics of Professional Football (Editions La Découverte).
And it is confirmed: Olympique Marseille last Friday broke the contract of the largest salary in Ligue 1, Argentine Gabriel Heinze (4.5 million gross) and could also disposing of his compatriot Lucho Gonzalez, third largest French league's salary (4.3 million euros a year). The president of Olympique Lyonnais had figaro.fr revealed last May that the club Rhone probably sell two or three "big" salaries.Finally, Paris Saint-Germain asked to Ludovic Giuly, the highest paid player in Paris (3.2 million gross) to decrease by over 40% of his salary to keep his place in the workforce next year.
Down 15% to 20% of wages between 2009 and 2011
This trend began in 2009 mainly because of the impact of economic crisis. It continued in 2010 with the uncertainties related to income and television rights was confirmed in 2011 with the establishment from the 2013-2014 season of the famous financial fair play (measure requiring all European club do not spend money it does not) desired by the UEFA president, Michel Platini. "Over the past two seasons, we found a decrease in payroll clubs in Ligue 1 between 15% and 20%, says Philippe Diallo, Director General of the Union of professional football clubs (UCPF).And this trend is not ready to stop. "
It's the end of fifteen years of incessant flights of wages since the end of the Bosman ruling (decision of the Court of Justice issued Dec. 15, 1995 allowing every player to move freely within the European Union) who saw the payroll from about 154 million euros in 1995-1996 to 778 million euros in 2009-2010. "Basically, the average salary of Ligue 1 was multiplied by five in fifteen years," says Bastien Drut, an average annual increase of just over 12%. "
PSG / Qatar: two competing strategies
If this choice is logical to comply with new rules adopted by UEFA, but it could weaken the Ligue 1 against the best European clubs."From there, I doubt that we are seeing a real reduction in payroll in the major French clubs, says Vincent Chaudel, communications director Europe, Africa and Middle East at Kurt Salmon, a consulting firm. As the French and European teams can not do without talent, they never cease to raise wages. " And in this area, Paris Saint-Germain which could lead to the transfer market looks bleak. The Parisian club has been bought by 70% of Qataris.
But for now no information was given on behalf of the investor and its strategy.Will they be conservative or, conversely, will they want to hit big shots are talking about a budget of 50 million euros for the Paris club in the transfer market this summer – even "overpay" for players? "If they buy only French players, they will boost the economic machine of French football," said Vincent Chaudel. However, they may also want to attract celebrities to boost the resources of the PSG in derivatives, particularly in France and abroad left to blow the payroll. " Through Al-Jazeera Sports broadcast the Qatar League 1 with the following headline, PSG he hopes to continue to share in the world.And for that recruit international stars.
PSG: "Our payroll will be stable for 2011-2012"
A guideline that might conflict with the one the club has put in place since the arrival of Robin Leproux headed in 2009, namely French recruit players while controlling payroll. PSG, it ensures that the transfer window will be controlled from a financial point of view and that the arrivals of celebrities were utopian. "Our payroll will be unchanged from the 2010-2011 season to 45 million euros, less than half that of Lyon and Marseille, and our budget will be substantially the same as last year, 80 million euros. Qatar is not Abu Dhabi (owner of Manchester City) and the French league is not the English league, "says one club in Paris."But with the price of one Carlos Tevez (striker for English club Manchester City, whose market value would be around 50 million euros), we can mount a very good team in France," says the communications manager of a big French club.
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From our correspondent in India.
The French Minister of Economy, Finance and Industry met Pranab Mukherjee, his counterpart of Finance in India, and on Tuesday she will meet with Prime Minister Manmohan Singh. It should also see Montek Singh Ahluwalia, Deputy Chairman of the Commission Plan. It is no coincidence. There are a few more days, Ahluwalia had been presented as a potential candidate from India. And why not, BRICS, the bloc of emerging economies that account Brazil, Russia, India, China and South Africa. Then the rumors were silenced. Officially, Montek Singh Ahluwalia would have exceeded the age limit for a candidate.In fact, Delhi has decided not to enter the race.
"The selection of the Chief of the IMF or the World Bank should be on the basis of merit, competence and transparently," Pranab Mukherjee launched after receiving Christine Lagarde. "Since the World Bank president has always been an American and a European director of the IMF, it would be logical to try to persuade the fund to elect now a candidate from a developing country, whose influence on the global economy is growing, "protested Anant Goenka, an economics professor. Continuing: "Why this silence (from India) while China, Brazil and South Africa are on the frontlines demand a change?"
Paradoxically, New Delhi does not seem interested in carrying the "Battle of the IMF."Defeatist, India? "You can say so, but the silence of Delhi shows that Indians are particularly realistic in this matter," says BL Pandit, director of the Delhi School of Economics. It is not a democratic election, the contribution of India to the IMF's reserves is not very high, and finally, everyone here thinks that games are made and, again, the position go to a European. " He acknowledged however that "things are changing rapidly" and that growth is changing latitudes, "it might be that the leaders of the Western world are considering share positions in international forums."
The Mexican candidate is expected Friday in India
At the last summit of BRICS in China last April, India had not been left to demand a reform of the Bretton Woods for emerging countries.In late May, when Dominique Strauss-Kahn had resigned, Manmohan Singh, who was visiting Addis Ababa, had stormed: "Reform of the Bretton-Woods is a priority for developing countries." He has since changed his tune. On the occasion of the visit of German Chancellor Angela Merkel in late May, the leader of the Indian government said: "A prestigious position must go to the best candidate, regardless of nationality."
Friday, it was the turn of the Mexican candidate, Augustin Carstens, to come "courting" the Indians. The Governor of the Central Bank of Mexico would have already secured the support of Brazil. As for Christine Lagarde, she will travel to China. Beijing would be willing to support the French if they receive in return, the post of Deputy Director of the Fund at the end of the year.BRICS speak anyway no one voice since, the last G8 summit, Russia has already row behind Christine Lagarde.
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